Biz scene

MARKET

Auto shares

Hunan Changfeng Motors Co, the Chinese automaker partly owned by Mitsubishi Motors Corp, will sell 908 million yuan of new shares to fund expansion and the acquisition of a pickup truck maker, it said in a Shanghai Stock Exchange statement yesterday.

The maker of Liebao SUVs will sell 100 million shares at 9.08 yuan each to 10 institutional investors. The sale is pending approval of shareholders and regulators.

Bank profit doubles

Agricultural Bank of China reported profit more than doubled last year as the growing Chinese economy boosted fee income and it offered more products.

The bank's net income rose to 11.9 billion yuan in 2007 from 5.2 billion yuan a year earlier, the Beijing-based bank said in a statement published on Financial News yesterday.

GRAPEVINE

Wing Hang stake

China Life Insurance Co is in talks with Wing Hang Bank Ltd about buying a stake in the lender, 21st Century Business Herald reported, citing unidentified sources.

China Life is in discussions to buy the stake held by the family of Wing Hang Chairman Patrick Fung, the report said. Bank of New York Mellon Corp will likely hold onto its stake in Wing Hang, the report said.

BIZ UNUSUAL

Out of the Web

A middle-school teacher Zeng's life was torn asunder when he became caught in the Web. After he became an Internet junkie, he began to lose interest in his job and was eventually fired. It took Zeng one whole month to kick the habit and start afresh.

Zeng has now dedicated his life to weaning children off the Internet. At a center he has opened, Zeng encourages children to take to sports and teaches them about the pitfalls of getting hooked to the Net. The first batch of Zeng's 18 students has "graduated" after a month's training, with him earning 6,000 yuan for his efforts.

LOCAL

Informatization ranking

Beijing and Shanghai have topped the list of Chinese cities in informatization, followed by Guangzhou, Shenzhen and Hangzhou, according to a ranking by the Regional Cooperation Office for City Informatization (RCOCI) and China Computer Users Association (CCUA).

"The level of informatization is becoming an important index for evaluating a city's overall strength, and 280 Chinese cities have applied for this ranking," said Chen Zhengqing, director of CCUA.

BIZ MOVES

Qualcomm president

Qualcomm Inc, a leading developer and innovator of advanced wireless technologies and data solutions, yesterday announced it has promoted Frank Meng (above) to the post of senior vice-president and president of Qualcomm Greater China. In his new role, Meng will continue to lead Qualcomm's operations in China, strengthen its competitive position and expand its role in the local market.

Meng joined Qualcomm in 2002 as vice-president of business development. He later assumed the role of president of Qualcomm China.

China head

Leading investment management firm Fidelity yesterday appointed Long Zhan, a fund management specialist, as the company's head in China. He will take charge on July 1. The company also announced a number of other senior-level appointments in Asia, as part of a move to expand its business in this important market.

(China Daily 05/29/2008 page15)